Bank of India (BOI) has reduced its marginal cost-based lending rate (MCLR) by five basis points for the six-month tenure. Other rates have been left unchanged.The bank's six-month MCLR has been reduced to 8.55 percent from 8.6 percent earlier. The new rate is effective from April 10.BOI had, in March, reduced its one-year MCLR by five basis points to 8.65 percent.Close RBI has reduced its key policy rate by 50 basis points (100 bps=1 percentage point) in two consecutive rate cuts since February. In response, lenders have not been able to pass on the entire benefit to customers due to tight liquidity conditions. related news Samsung launches India's most expensive LED display - The Wall Mankind Pharma launches drug for treatment of infertility in India In Pics: MG Motors ZS EV, features, launch, battery, range "Cost of funds has not changed much. Demand for credit is picking up, so we have not reduced the deposit rates yet," said a senior official from the bank.On April 9, … [Read more...] about Bank of India cuts 6-month MCLR by 5 basis points, other rates unchanged
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India’s October rice exports drop 42% YoY on weak demand
India's rice exports in October fell 42% year-on-year to 485,898 tonnes, government data showed on Thursday, due to weak demand from African countries for non-basmati rice.Smaller shipments from India could help rivals such as Thailand, Vietnam and Myanmar to increase their exports, according to Indian exporters."Export demand is very subdued," said Nitin Gupta, vice president of Olam India's rice business.Close New Delhi mainly exports non-basmati rice to Bangladesh, Nepal, Benin and Senegal, and premier basmati rice to Iran, Saudi Arabia and Iraq. related news CIC issues show-cause notice to RBI for casual approach to its notice No proposal to put retirement age either at 60 or after completion of 33 years of service: Govt Japan government approves economic stimulus package to combat overseas risks India is the world's biggest rice exporter but its shipments have plunged 28% in the first seven months of the 2019/20 financial year, which started April 1, to 4.85 million … [Read more...] about India’s October rice exports drop 42% YoY on weak demand
Rice prices in India slide to multi-year lows as supply mounts
Prices of rice in top exporter India slid to a three-year low this week as demand waned on ample supply from the recent summer harvest, while demand from the Philippines picked up for the Vietnamese variety.The rate for India's 5 percent broken parboiled variety was quoted around $356-$361 per tonne this week, the lowest since January 2017 and down from last week's $358-$362."The supplies from new crop are rising, but demand is not picking up," said an exporter based at Kakinada in the Indian state of Andhra Pradesh.Close India's rice exports in October fell 42 percent year-on-year (YoY) to 485,898 tonnes, government data showed on December 5, due to weak demand from African countries for non-basmati varieties. related news MHA sanctions Rs 100 cr to set up women help desks in police stations RBI imposes Rs 25 lakh fine on Andhra Bank for violating KYC, AML norms Saudi Aramco prices shares at top of range in world's biggest IPO: Sources In Vietnam, rates for 5 percent broken … [Read more...] about Rice prices in India slide to multi-year lows as supply mounts
Two new cities to be surveyed from next year for Ease of Doing Business rankings
The Indian government has asked World Bank to represent India's diversity and said more than two cities need to be surveyed for Ease of Doing Business (EODB) rankings."Till now, only two cities used to be covered for ease of doing business rankings. We have asked World Bank to add Kolkata and Bengaluru in the list of cities to be surveyed for the rankings," Finance Minister Nirmala Sitharaman said at a press briefing on October 24.India jumped to 63rd position in World Bank's latest Ease of Doing Business rankings, soaring 14 notches from last year, as the multilateral body endorsed a string of reforms—from the signature 'Make in India' initiative to insolvency resolutions — that the Narendra Modi government has launched over the last few years.Close India's ranking jumped to 52 in 2019 from 108 last year, a 56 position jump, in resolving insolvency. The credit for this goes to the Insolvency and Bankruptcy Code (IBC), which came into force in 2016. related news … [Read more...] about Two new cities to be surveyed from next year for Ease of Doing Business rankings
Slowdown pinches business travel. But there’s a silver lining
The economic slowdown has hit India's travel sector, and it is not just the leisure segment that is seeing a slump in activities. Business travel too is suffering.According to Prashant Pitti, Executive Director, EaseMyTrip, the travel industry is witnessing slowdown owing to the increasing price of ATF (average ticket fare) and dropping margins on air tickets.“In corporate travel segment, there has been cost cutting and average spend on travel has also dropped as compared to last year,” he said.Close But there is a silver lining as companies are focusing on travel cost optimisation, which is helping the corporate travel sector grow. related news World's most popular travel destinations of 2019: Only 1 Indian city makes top-10 list 87% female Indian business travellers harassed on business trips: Survey Jet Privilege goes for brand revamp; to be known as 'InterMiles' According to Anish Khadiya, co-founder and Chief Business Officer, ITILITE, an AI-powered … [Read more...] about Slowdown pinches business travel. But there’s a silver lining
